A bank offers two different investment options.
1 answer:
The function that can be used to represent option 1 is an exponential function.
The function that can be used to represent option 2 is a linear function.
<h3>Linear functions</h3>
A linear function is a function that has a single variable raised to the power of 1. Linear functions are usually in the form x + 10.
Option 2 expressed as a linear function is b x 0.06 x 1
Where b represents the amount of money deposited.
<h3>Exponential functions</h3>An exponential function is usually in this form: y = .Option 1 expressed as an exponential function is p(1.036)^y
Where:
- p = principal
- y = number of years
To learn more about compound interest, please check: brainly.com/question/18760477
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Answer:
Earning at Long's Bank are expressed by the equation, I = -0.06 x + 8.3
Earnings at Fellow's Bank are modeled by I = -0.02 x+6.6
Where,x is the number of checks written.
now, we have to find that , at what range of checks will a checking account at Long's Bank generate more earnings income than one at Fellow's Bank.
-0.06 x +8.3 > -0.02 x +6.6
-0.02 x+0.06 x < 8.3 - 6.6
0.04 x < 1.7
Dividing both sides by , 0.04, we get
x< 42.5
So, x ∈[0,42], which is number of checks written.
2. APR on personal Loans =5.5%
Value of APR when compounded monthly
=0.46 (approx)
Value of APR when compounded Quarterly
= 1.84 (approx)
Difference between Rate , when the APR rate is compounded monthly as compared to when it's compounded quarterly
=1.84 - 0.46
=1.38 (approx)
Quarterly APR is 1.38 value more than Monthly APR, when the rate of Yearly APR is 5.5%.